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Just Other Articles - The Lowdown on Contactless Credit Cards
Last year, much talk followed the release of credit cards from Chase with which the bank refers to as ‘Blink’, their version of contactless Visa or MasterCard. While the technology behind ‘Bl
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ink’ may seem new, the idea behind contactless credit cards isn’t. Radio Frequency Identification, or RFID has been used by Exxon-Mobil and others since the late 90’s and the technology and c
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ncept behind RFID has had it’s beginnings in the 1920’s.
But it was only in the turn of this century that credit card issuers began to look at contactless credit card technologies seriously.
But it was only in the turn of this century that credit card issuers began to look at contactless credit card technologies seriously.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
With incidence of credit card “skimming” occurring more often, many consumers had been losing confidence on the security provided by traditional magnetic stripe cards. The search was on for a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
replacement and card issuers like American Express, Visa and MasterCard introduced ‘contact’ smart cards with chips in them as a means to combat fraud.
Merchants and banks in the United Stat
Merchants and banks in the United Stat
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s were initially uninterested as the initial costs seemed high and there didn’t seem to be much benefit to them other than added security on the consumer’s part. Still, regular ‘contact’ smar
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
card technologies were adopted widely in the Asia Pacific region in the face of increased cases of credit card fraud. In other words, it made economic sense.
Meanwhile in the States, credit
Meanwhile in the States, credit
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
cards were starting to become accepted at more and more ‘frontline’ retail outlets and stores such as convenience stores, gas stations, movie theatres, fast-food restaurants and drive-through
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
. The stage was set for contactless credit cards to be introduced in the markets, as the technology would allow for faster transactions at the point of sale.
The technology behind contactles
The technology behind contactles
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
credit cards is simple on paper. A tiny chip measuring less than a millimeter in length with an antenna the size of a postage stamp but thinner than a sheet of paper is embedded in a credit
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ard. When the card is waved in front of the reader, the radio field near the reader generates an electric current in the antenna that powers up the tiny chip. The chip then transmits back a r
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
sponse through a process called ‘backscattering’ to the card reader, all without having to make any physical contact.
Not all contactless credit cards are compatible with one another. Card i
Not all contactless credit cards are compatible with one another. Card i
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
suers have yet to agree upon a standard and as such different systems are in place for different cards. For instance, American Express has its ExpressPay system, the MasterCard system is call
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
d PayPass and both Visa and Discover are holding back on a launch of their contactless card systems, with both companies showing more interest in mobile phone card technologies.
One of the f
One of the f
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
rst concerns the consumer had was of course, security. How safe is the card? Chase argues that the card is safer because it never has to leave your hand, so skimming isn’t going to happen. Pe
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
haps so, but 20 years ago nobody thought people would come up with small, hand-held devices that can ‘skim’ the account information off the credit card. However, the thief would have to very
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
echnologically savvy to get this information, and even if he gets the account number used on the contactless card, it is not the same number but a unique number only used in the RFID system.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
hat means the risk of a ‘carder’ intercepting the signal and going on a shopping spree online is negligible.
Whatever the concerns, it looks like contactless credit cards or systems similar
Whatever the concerns, it looks like contactless credit cards or systems similar
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
o it are poised to come into widespread use. Just at the end of April this year, Nokia and Visa had announced a system they are working on that would allow consumers to make payments with the
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
r mobile phones – the Visa Wave. With people becoming more and more reliant on their mobile phones, it looks like this type of contactless electronic payment systems are the next logical step
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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